Multiple Choice
The marginal rate of transformation (MRT) of X for Y refers to:
A) the amount of Y that a nation must give up to produce each additional unit of X
B) the opportunity cost of X
C) the absolute slope of the production frontier at the point of production
D) all of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Mutually beneficial trade cannot occur if production
Q3: Community indifference curves:<br>A)are negatively sloped<br>B)are convex to
Q4: If the internal Px/Py is lower in
Q5: Which of the following statements about community
Q6: The marginal rate of substitution (MRS)of X
Q7: With free trade under increasing costs:<br>A)neither nation
Q8: The gains from exchange with respect to
Q9: A production frontier that is concave from
Q10: Which of the following is not a
Q11: If Px/Py exceeds the equilibrium relative Px/Py